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Binance burns $595.3 million worth of BNB

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The reason behind BNB rapid move to an ATH above $180

One of the leading crypto exchanges, Binance, has successfully burned $595.3 million (a whopping half-a-billion USD worth of Binance Coin) in its recent Coin Burn, recording a new milestone. 

Binance has been conducting token burns for the past four years, destroying large amounts of its native token (BNB) quarterly. And the just-concluded burn was reportedly the 15th BNB token burn. This time 1,099,888 BNB was destroyed, approximately equivalent to $595,314,380, or 0.65 percent of the total coin supply. The current BNB price is $541, hence the high USD equivalent.

The exchange recorded that a 3x greater amount of tokens were incinerated (3,619,888) during the previous burn. However, since the price back then was only $45, the value of the burnt tokens in the USD was $165,791,000. That made up 1.81 percent of the total supply, making the previous burn the highest in BNB history so far.

Meanwhile, the overall BNB supply after the coin burn has officially dropped from 170,532,825 to 169,432,937 coins. The exchange seems to be on track to reduce the total supply of BNB.

Binance Coin reaches an all-time high above $600

Binance Coin has managed to occupy third place in top-performing crypto assets on CoinMarketCap and recorded several all-time highs in a row, with the most recent being $637.44 on April 12.

Binance burns $595.3 million worth of BNB.

The surge can be linked to increased anticipation for the quarterly coin burns, along with Binance’s growing participation in the DeFi industry and rising role as an Ethereum competitor with its Binance Smart Chain. Binance Smart Chain offers cheap rates and constantly sees large inflows of new users.

The exchange also added a new feature that allows users to trade fractional tokenized stocks, such as shares of Tesla and Coinbase, which were added first. At press time, BNB is trading at $528, according to data from CoinMarketCap.

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